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Economic Recovery Hit by Rise in Coronavirus Cases Across Europe

Sluggish Economic Activity

As the number of confirmed Covid-19 cases rises in some European countries, economic activity has turned, according to Bloomberg Economics gauges that integrate high-frequency data such as credit-card use, travel and location information. In the first two weeks of August, activity declined in countries with renewed outbreaks, such as Italy, France and Spain and the recovery remained sluggish in Germany, Sweden and Norway. The U.K., U.S. and Canada are still very far below their “normal” levels of activity, but recently have been catching up to the European countries leading the recovery.